OP5E.DE vs. AW15.DE

Last updated Jun 5, 2026

OP5E.DE (Ossiam Bloomberg Japan PAB NR UCITS ETF (EUR)) and AW15.DE (UBS ETF (IE) MSCI Japan Climate Paris Aligned UCITS ETF (JPY) Acc) are both Japan Equities funds - OP5E.DE tracks the Bloomberg PAB Japan Large & Mid Cap while AW15.DE tracks the MSCI Japan Climate Paris Aligned. Both are passively managed. Over the past 3 years, OP5E.DE returned 13.12%/yr vs 6.95%/yr for AW15.DE. Their correlation of 0.92 suggests significant overlap in exposure. OP5E.DE charges 0.19%/yr vs 0.12%/yr for AW15.DE.

Performance

OP5E.DE vs. AW15.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Ossiam Bloomberg Japan PAB NR UCITS ETF (EUR) (OP5E.DE) and UBS ETF (IE) MSCI Japan Climate Paris Aligned UCITS ETF (JPY) Acc (AW15.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OP5E.DE achieves a 17.74% return, which is significantly higher than AW15.DE's 8.65% return.

OP5E.DE

• 1D: -0.31%
• 1M: 7.47%
• YTD: 17.74%
• 6M: 17.17%
• 1Y: 29.26%
• 3Y*: 13.12%
• 5Y*: —
• 10Y*: —

AW15.DE

• 1D: -1.40%
• 1M: 2.72%
• YTD: 8.65%
• 6M: 7.30%
• 1Y: 21.60%
• 3Y*: 6.95%
• 5Y*: 3.15%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

OP5E.DE vs. AW15.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OP5E.DE Ossiam Bloomberg Japan PAB NR UCITS ETF (EUR)	17.74%	8.90%	10.84%	14.78%	-8.63%
AW15.DE UBS ETF (IE) MSCI Japan Climate Paris Aligned UCITS ETF (JPY) Acc	8.65%	10.45%	2.67%	12.34%	-10.12%

Correlation

The correlation between OP5E.DE and AW15.DE is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022	0.92

The correlation between OP5E.DE and AW15.DE has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

OP5E.DE vs. AW15.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OP5E.DE

OP5E.DE Risk / Return Rank: 51
OP5E.DE Sharpe Ratio Rank: 46
OP5E.DE Sortino Ratio Rank: 51
OP5E.DE Omega Ratio Rank: 47
OP5E.DE Calmar Ratio Rank: 58
OP5E.DE Martin Ratio Rank: 55

AW15.DE

AW15.DE Risk / Return Rank: 35
AW15.DE Sharpe Ratio Rank: 32
AW15.DE Sortino Ratio Rank: 35
AW15.DE Omega Ratio Rank: 32
AW15.DE Calmar Ratio Rank: 39
AW15.DE Martin Ratio Rank: 39

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

OP5E.DE vs. AW15.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ossiam Bloomberg Japan PAB NR UCITS ETF (EUR) (OP5E.DE) and UBS ETF (IE) MSCI Japan Climate Paris Aligned UCITS ETF (JPY) Acc (AW15.DE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	OP5E.DE	AW15.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.11	+0.47
Sortino ratio: Return per unit of downside risk	2.45	1.80	+0.65
Omega ratio: Gain probability vs. loss probability	1.29	1.21	+0.08
Calmar ratio: Return relative to maximum drawdown	2.81	1.87	+0.94
Martin ratio: Return relative to average drawdown	9.37	6.07	+3.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OP5E.DE vs. AW15.DE - Sharpe Ratio Comparison

The current OP5E.DE Sharpe Ratio is 1.59, which is higher than the AW15.DE Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of OP5E.DE and AW15.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OP5E.DE	AW15.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	1.11	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.15	+0.51

Drawdowns

OP5E.DE vs. AW15.DE - Drawdown Comparison

The maximum OP5E.DE drawdown since its inception was -16.97%, smaller than the maximum AW15.DE drawdown of -27.14%. Use the drawdown chart below to compare losses from any high point for OP5E.DE and AW15.DE.

Drawdown Indicators

	OP5E.DE	AW15.DE	Difference
Max Drawdown Largest peak-to-trough decline	-16.97%	-27.14%	+10.17%
Max Drawdown (1Y) Largest decline over 1 year	-10.35%	-11.48%	+1.13%
Max Drawdown (3Y) Largest decline over 3 years	-16.97%	-17.61%	+0.64%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.14%	—
Current Drawdown Current decline from peak	-0.31%	-1.40%	+1.09%
Average Drawdown Average peak-to-trough decline	-4.10%	-12.19%	+8.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	3.55%	-0.43%

Volatility

OP5E.DE vs. AW15.DE - Volatility Comparison

The current volatility for Ossiam Bloomberg Japan PAB NR UCITS ETF (EUR) (OP5E.DE) is 3.48%, while UBS ETF (IE) MSCI Japan Climate Paris Aligned UCITS ETF (JPY) Acc (AW15.DE) has a volatility of 4.43%. This indicates that OP5E.DE experiences smaller price fluctuations and is considered to be less risky than AW15.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OP5E.DE	AW15.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	4.43%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	14.30%	15.05%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	18.38%	19.33%	-0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	16.47%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.72%	16.42%	+0.30%

OP5E.DE vs. AW15.DE - Expense Ratio Comparison

OP5E.DE has a 0.19% expense ratio, which is higher than AW15.DE's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

OP5E.DE vs. AW15.DE - Dividend Comparison

Neither OP5E.DE nor AW15.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OP5E.DE and AW15.DE in my portfolio?

With a correlation of 0.90, OP5E.DE and AW15.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, OP5E.DE or AW15.DE?

On fees, AW15.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OP5E.DE or AW15.DE?

AW15.DE is cheaper with a 0.12% expense ratio, compared with 0.19% for OP5E.DE.

What is the main difference between OP5E.DE and AW15.DE?

OP5E.DE tracks Bloomberg PAB Japan Large & Mid Cap, while AW15.DE tracks MSCI Japan Climate Paris Aligned. They also come from different issuers: Natixis and UBS. Their fees differ too: 0.19% for OP5E.DE and 0.12% for AW15.DE.